SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin
SoFi has introduced SoFi Earn (SOFIE), a tokenized deposit product offering 4.40% annual percentage yield and FDIC insurance, which can be converted to its SoFiUSD stablecoin.
SoFi is giving its customers a way to earn bank-grade interest on digital dollars without giving up the speed of crypto, launching what it calls the first national bank-issued tokenized deposit for consumers. Each SOFIE token represents $1 held on deposit at SoFi Bank, with funds FDIC-insured up to applicable limits—a key distinction from ordinary stablecoins.
Idle Digital Dollars
The product targets a specific gap in the digital asset ecosystem. Stablecoins have become popular for parking digital dollars, but many pay no interest and carry no deposit insurance. SoFi cited Federal Reserve research estimating that roughly $64 billion, or about 21% of the stablecoin market, sits idle in forgotten or inactive wallets.
Too much money in the digital asset ecosystem is sitting idle
Crypto Expansion
SoFi Earn is the fifth crypto product the company has rolled out in under a year, part of an aggressive build-out of its digital-money ecosystem. SoFi returned to crypto trading in late 2025 after exiting the business years earlier, becoming the first nationally chartered U.S. bank to offer it to consumers.
The company followed that with SoFiUSD, the first stablecoin issued by a U.S. national bank, launched across Ethereum and Solana and now used to settle SoFi's entire card program over Mastercard's network.
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